Bregal Sagemount readies sale of Steele Compliance, Advent set to join Great Hill as investor in RxBenefits, Clearlake strikes year’s largest tech take-private, private equity embraces the renewables movement

Bregal Sagemount prepares to put Steele Compliance on the block and Clearlake cinches a $3 billion deal to acquire Endurance International Group.

Hello!

The day has come. Hope everyone by now has voted, or is planning on it today. I’ve got my election playlist going on Spotify to help me get through the day. How are you coping?

Nevertheless, we’ve got new hot processes and exclusive deal news to share.

On the heels of Advent International’s big tech bet announced over the weekend, the PE giant is partnering with fellow Boston firm Great Hill Partners as an investor in RxBenefits, according to people familiar with the deal. The Birmingham, Alabama-based business helps self-insured employers manage pharmacy benefits and costs. Check out my full story for all the deets.

Elsewhere, Milana writes that Bregal Sagemount is preparing to sell software risk management provider Steele Compliance after a four-year hold. Sources told PE Hub the sale process is expected to launch this quarter and that UBS has been mandated as a sell-side financial adviser. Read more.

In other big tech news, Clearlake announced the largest tech take-private of the year, clinching a $3 billion deal to acquire Endurance International Group, the parent company of Constant Contact among other cloud-based platform solutions. Read PE Hub’s brief on the transaction.

Top Scoops
Kirk Falconer has an exclusive deep dive for Buyouts on how the transition from fossil fuels to renewables movement is reshaping private equity.

LPs have joined this debate with fervor. Many are rethinking their energy investing, often as part of newly implemented environmental, social and governance criteria. This has led to major adjustments in allocation policies.

“We’re seeing an LP interest in renewables displacing a focus on oil and gas,” Brent Burnett, co-head of real assets at Hamilton Lane, tells Buyouts. Check out Kirk’s full report.

As an added benefit, PE Hub has collected analysis and perspective generated by our colleagues at Buyouts, PEI and other titles to offer some exclusive perspective around the 2020 elections.

For example, while a higher corporate tax rate and increased regulations would be headwinds, Blackstone president and chief operating officer Jonathan Gray said the firm is positioned to benefit from other parts of the Democratic platform, should the party win control of the White House and both houses of Congress. Read Kyle Campbell’s full report and check out more election coverage here.

That’s it for me today. As always, write to me with any tips, feedback or just to say hello!